Consider some striking proof of failure. Presumably, the welfare state mecca comprising the EU-19, for example, needs at least some growth in industrial production to sustain the massive state spending, redistribution and borrowing of its member nations. But behold, there has been no net increase in industrial production since 2001.

Eurozone Industrial Production

Now, fourteen years of going net nowhere can’t be due to want of applying the recipe de jour. Rather than stringency, the euro zone experienced a heaping big serving of monetary expansion and inflation during this same period. Even taken at face value, the balance sheet of the ECB is 2.6X its size in 2004——at a time when EU-19 industrial production was exactly at today’s level.

Chart at the link as it won't post. Some interest graphs for Italy and France.

Maybe browser issue going on here thern as Brazil data rebased 2010=1 and showing actual / inflatio adjusted, whereas just China YOY, all the growth pretty much has been in China industrially in real terms, they have had decade and a half of continual 7%+ YOY apart from 2007/2008.